Consumer watchdog agency needs to get back to doing its job

Recently, the president nominated a Consumer Financial Protection Bureau (CFPB) director: Kathy Kraninger, an ally of the current acting director who has no previous consumer protection experience.

The nomination announcement clarifies the essential role of the Senate confirmation process. Given her lack of experience in consumer protection, it is not possible to predict whether Kraninger will seek to protect consumers or Wall Street (as the current acting director has been). It is incumbent on the Senate to make sure that new leadership gets the bureau back to doing its job.